Trump floats raising taxes on the rich to pay for his sweeping tax and spending cuts package

In a Truth Social post Friday morning, Trump said that he would “graciously accept” even a “TINY” tax increase on the rich, while acknowledging that that it could bring political risks for Republicans. House GOP lawmakers have been struggling to find $1.5 trillion in spending cuts to help offset trillions of dollars of tax reductions.

“The problem with even a ‘TINY’ tax increase for the RICH, which I and all others would graciously accept in order to help the lower and middle income workers, is that the Radical Left Democrat Lunatics would go around screaming, ‘Read my lips,’ the fabled Quote by George Bush the Elder that is said to have cost him the Election. NO, Ross Perot cost him the Election!” Trump wrote.

“In any event, Republicans should probably not do it, but I’m OK if they do!!!” he continued.

Trump also mentioned the possibility of letting tax cuts expire on top earners – targeting individuals who earn at least $2.5 million or couples that make at least $5 million — in a call with House Speaker Mike Johnson on Wednesday, a Republican source familiar with the matter told CNN’s Dana Bash.

The White House has made the suggestion to Congress with the thought that not only would it help achieve much needed offsets, it could also help wipe away Democrats’ argument about tax cuts for the rich, the source familiar said.

This is not the first time Trump has indicated that he supports raising taxes on the wealthy, even though throughout last year’s presidential campaign, he repeatedly promised to cut their taxes. The president recently told Time magazine, “I actually love the concept,” when asked about a proposal circulating to raise taxes for those earning more than $1 million a year.

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